This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Yahoo! May Replace Board Members: Report

SUNNYVALE, Calif. (TheStreet) -- Several board members may be departing Yahoo! (YHOO), according to a media report, as speculation continues to mount about the company's strategy.

Citing people familiar with the matter, The Wall Street Journal reported that Yahoo! director Patti Hart is leading the search. The company has hired executive search firm Heidrick & Struggles International to help search for new board members, The Journal said, noting that all nine Yahoo! board members are up for re-election this year.

Yahoo! may be appointing new board members in the near future.

"I think the board is feeling a lot of pressure, especially from Third Point LLC's Dan Loeb," said Eric Jackson, founder of Ironfire Capital. "There is a deadline on February 24 to submit nominations for possible new board members, and I think the board is aware of this, and this may be the reason for the new appointments."

Activist investor Loeb has previously been very critical of the company, having called out the board of directors, and asked for the resignation of co-founder Jerry Yang and Chairman Roy Bostock.

Jackson believes that Loeb, who owns nearly 5.2% of the stock, may decide to try to nominate his own board members. The board, however, could counter by saying that it has just brought in new board members, according to Jackson.

He also speculated on which board members could be replaced, noting that "grey-hair types" could be gone. "Roy Bostock, Art Kern, Gary Wilson are names I think could be replaced," Jackson said. He believes, however, co-founder Jerry Yang will likely stay on.

Jackson is long Yahoo! shares.

Yahoo! has not yet responded to a request for comment on this story.

Yahoo! announced on Wednesday that Scott Thompson of eBay (EBAY) subsidiary PayPal would its new CEO, effective Jan. 9.

Thompson will receive an annual base salary of $1 million, according to his compensation agreement.

Yahoo! shares closed down on Friday, off 0.8% to $15.52.

Interested in more on Yahoo? See TheStreet Ratings' report card for this stock.

--Written by Chris Ciaccia in New York

>To follow the writer on Twitter, go to http://twitter.com/commodity_bull.

>To submit a news tip, send an email to: tips@thestreet.com

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,915.07 -70.54 -0.42%
S&P 500 1,964.68 -8.15 -0.41%
NASDAQ 4,396.2040 -22.83 -0.52%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs